It has been noticed that a number of financial advisors are sometimes missing the chance of advising their clients on key role played by life insurance products while making their financial plan. This was reported by the new survey conducted by Saybrus Partners, Inc. It was observed by the survey that just around fifty percent of the adults who have personal financial advisor and plan have discussed about including life insurance policy in their financial plans. This was an online survey conducted in the US by Harris Interactive(R) for Saybrus Partners. It was for individuals over the age of 18 and was held from July 22 to 26, 2011. 2,410 adults took part in this survey, out of which 786 of them had personal financial advisors.
What one had been hearing for years anecdotally was affirmed statistically by the survey. Most financial advisors did not bring about the topic of life insurance while making the financial plan. In fact advisors don’t realize that they miss the chance to fill an important gap in a few of the present financial plans which will also help them stand out and expand their practice. Other than that there as some advantages, like assets like life insurance policy are not linked to the fluctuating financial markets and thus not related to the economic volatility seen in the present times.
15% of the individuals, who discussed life insurance products with their financial advisors, mentioned that this happened over a decade back while 40% said that they had discussed this tool in the last one year. This does show that life insurance related discussions are becoming more popular, it does not also comprise of an appraisal of existing life insurance policies regarding vital concerns like affordability, performance as well as probable policy lapse. The study indicated that almost 47% of the adults in the U.S. with financial advisor and a life insurance policy felt that the advisors never analyzed the life insurance policy they had with them.
34% of adults in U.S. with a financial plan and advisor cited that in the past two years, their financial advisors advised them to include some type of insurance policy in the existing financial plan. On the other hand, only 24% adults got the advice to add a life insurance policy. There were about 10% financial advisors who suggested long-term life insurance.
